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Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
 The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-invoicing of coal imports by 40 companies — both in the public and private sector — to the tune of 35,000 crore (approximately US$ 5.259 billion*).
“It is an issue that has been going on for the past two-three years and now we are doing a full investigation,” said a person familiar with the development, Hindu says.
The Directorate of Revenue Intelligence, as quoted by Hindu, is understood to have issued a nationwide alert asking customs offices to look into all coal imports starting this fiscal. The Finance Ministry is also understood to be looking into the issue and will take a decision based on the final DRI report.
“The Finance Ministry has been apprised. It will try to work on measures to address the problem,” said the source.
The paper further said, according to sources, the DRI found a number of companies artificially inflating the price of their coal imports from Indonesia by as much as 100 per cent to get a higher power tariff and also “siphon off” funds.
The Hindu Business Line further noted that, the inflated invoices were issued by intermediary invoicing agents in Singapore, Dubai, Hong Kong and British Virgin Islands, among other jurisdictions, according to the DRI alert notice.The average price of Indonesian coal with a gross calorific value of 3,800-4,200 Kcal/kg ranged between $38 and $49 a tonne on free-on-board (FOB) basis, according to most international indices. Adding freight and insurance charges, the CIF (cost insurance and freight) rate of Indonesian coal should be $60-55/tonne during this period, the said.
But invoices were inflated by up to 100 per cent.
Accordng to Hindu, if there has been over-invoicing, it would have resulted in electricity consumers paying more, analysts said, adding that typically coal costs are a pass through for power generators and are factored in during tariff revisions by regulators.
Every dollar increase in the per tonne cost of coal results in 4-5 paise (approximately US cents 0.0601056 - 0.0751320*) per unit increase in electricity tariff. The over-invoicing could have pushed up the tariffs by 80-90 paise (approximately US$ 0.0120211 - 0.0135238*) per unit. *(1 USD = 66.5495 INR -XE Currency Converter)
Source: The Hindu Business Line
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Tuesday, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
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- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
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